The U.S. Faster Payments Council (FPC), a membership organization devoted to advancing safe, easy-to-use faster payments in the United States, today announced the release of the 2024 U.S. Instant Payments Adoption Quantitative Study, a first-of-its-kind survey of U.S.-based third-party enablers to financial institutions (FIs). Collectively, respondents to the study serve over 90% of U.S. FIs and provide insights into the projected growth of instant payments adoption over the next five years.

The study sheds light on how various factors, including use cases, benefits, and industry challenges, are shaping the future of instant payments. Key findings include that survey respondents believe between 70-80% of financial institutions are expected to receive instant payments by 2028, while 30-40% will have the capability to send instant credits by the same year. Early adoption drivers include earned wage access, wallet funding, P2P, marketplace/gaming and brokerage payouts, while mid-term use cases like B2B payments and online banking bill pay are anticipated to spur broader adoption.

“The results of this new study highlight the momentum and optimism within the payments industry,” said FPC Executive Director Reed Luhtanen. “The widespread adoption of instant payments will not only enhance user experiences but will also foster greater competition, innovation, and inclusion in financial services. The FPC remains committed to addressing the headwinds and enabling faster payment solutions for all.”

The study also provides a clear view of the headwinds and tailwinds impacting instant payments adoption. Key challenges include the development of ubiquitous fraud prevention tools and end-user interfaces. However, enablers also identified strong tailwinds such as use case-driven approaches and expanding rules and standards, which will help accelerate adoption.

The study, fielded between July 25 and August 20, 2024, included responses from 25 third-party enablers, such as payment processors, gateways, digital vendors, bankers’ banks, and corporate credit unions, serving 90% of U.S. financial institutions. The survey quantified industry perspectives on instant payments adoption, potential challenges, and key benefits expected through 2028. Federal Reserve Financial Services, a founding sponsor of the FPC, contributed to the implementation and analysis of the study.

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